RUBIS
RUBIS: A good start to the year - Fuel retail volumes up 25% - Strong demand
for fuel product storage at the end of Q1
06-May-2020 / 17:35 CET/CEST
Dissemination of a French Regulatory News, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Paris, May 6, 2020, 5:35 pm
Consolidated revenue (including Storage) for the first quarter of 2020 came
to EUR 1,387 million (up 19%), with strong growth in business volume that
broke down as follows:
· Rubis ??nergie posted a 34% increase in revenue to EUR 1,102 million, as
volumes climbed by 25%, up 3% like-for-like adjusting for Covid-19 effects
on March revenue;
· Rubis Support and Services recorded revenue of EUR 204 million, with
10% like-for-like growth in volumes and a significant increase in its
contribution;
· revenue at Rubis Terminal (factoring in the Antwerp site in full)
remained strong (EUR 45 million), marking a definite uptrend due to a
significant contango that fueled strong demand from oil traders at the end
of the quarter.
Stripping out negative inventory effects at the end of the quarter, overall
unit margin (like-for-like) remained at the high level observed in 2019. The
sharp fall in fuel product list prices at the end of the first quarter
should see margins building up in the coming quarters, offsetting the
negative inventory effects in the near term.
Q1-2020
Revenue (in EUR m) 2020 Change
Rubis ??nergie (fuel product distribution) 1,102 +34%
· Europe 165 -6%
· Caribbean
· Africa 461 +6%
476 +122%
Support and Services 204 -23%
Total consolidated revenue 1,306 +20%
(at current scope excluding Rubis Terminal)
Bulk liquid storage (operations held for 81 +9%
sale)
36 0%
· Bulk liquid storage and related services
· Fuel products wholesale
45 +18%
Total consolidated revenue 1,387 +19%
(including operations held for sale)
On April 30, 2020, Rubis and the infrastructure fund I Squared Capital
completed their partnership deal in Rubis Terminal, which is now 55%-owned
by Rubis and 45%-owned by I Squared Capital.
The completion of the transaction has resulted in the loss of exclusive
control. The transition from full consolidation to a joint-venture (equity
method) is treated as a disposal under IFRS and falls within the scope of
IFRS 5 - Non-Current Assets Held for Sale and Discontinued Operations.
Accordingly, the revenue reported by the Group no longer includes Rubis
Terminal.
The completion of this transaction on April 30 and the subsequent financial
transactions have significantly enhanced the Group's financial position,
bringing the Net Debt/EBITDA ratio down below 0.4x, compared with 1.2x based
on the financial statements for the year ended December 31, 2019.
Rubis ??nergie: fuel product distribution
Rubis ??nergie groups together all the fuel product distribution operations:
gas station networks, commercial heating oil, aviation fuel, marine fuel,
lubricants, bitumen and LPG.
Geographical breakdown
(fuel retail)
Volumes (in '000 m3) Change Change Change
at at at
curren consta constant
t nt
scope
scope scope excl.
Covid-19
effects
Q1-2020 Q1-2019
Europe 241 252 -4% -4% -3%
Caribbean 564 555 +2% +2% +6%
Africa 599 318 +88% 0% +2%
Total 1,404 1,125 +25% 0% +3%
In the first quarter, fuel retail volumes came to 1,404,000 m3, up 25%. Key
points:
· Europe: fuel retail volumes sold reached 241,000 m3, down 4%. Stripping
out the impact of the Covid-19 pandemic and weather-related factors, a 7%
fall in temperatures compared to 2019 and a 17% fall compared to the
thirty-year average, together with high rainfall in Corsica that affected
fuel deliveries to EDF, volumes fell by just 1%;
· Caribbean: sales volumes climbed 2% to 564,000 m3, despite the initial
effects of the Covid-19 pandemic on aviation fuel and gas station network
sales in March. Adjusting for this, volumes point to an excellent start to
the year, with growth of 6%;
· Africa: volume growth was strong (up 88%), tied to the new East Africa
scope. On a like-for-like basis and stripping out Covid-19 effects,
volumes have enjoyed a strong start to the year, climbing 2% across all
segments, with a 7% increase for bitumen.
Rubis Support and Services: refining, trading-supply and shipping
The Support and Services business encompasses the SARA refinery in the
French Antilles and all the Group's shipping and trading-supply activities.
Trading-supply volumes reached 400,000 m3, up 10% on a like-for-like basis,
and making a significantly higher contribution.
Rubis Terminal: bulk liquid storage
In the first quarter, "bulk liquid storage and related services" revenue
(excluding Antwerp) was stable at EUR 36 million, as was total storage
revenue (fully incorporating the Antwerp site) at EUR 45 million:
· France: down 6%
Fuel product related revenue was stable in the first quarter. Strong demand
for storage was observed at the end of the quarter tied to the steep
contango, and is expected to continue over the rest of the year. Other
products registered a decline, mostly due to liquid fertilizer storage,
which had experienced cyclical overstocking in the first quarter of 2019;
· outside France: up 10%
· stable billings in the ARA zone (Rotterdam and Antwerp), with
utilization rates exceeding 93%. In Antwerp, the occupancy rate for the
basin brought into service at the end of 2019 with an average capacity of
5,000 m3 per bulk tank has already reached 96%, evidence of the strong
demand,
· Turkey (up 76%): revenues rose significantly in the first quarter of
2020, against a low 2019 comparison basis. The pace of new contracts
secured in 2019 fueled a 14% increase in revenue quarter-on-quarter. We
expect this trend to gather momentum in the second quarter of 2020, as the
steep contango drives strong demand for storage capacity.
Over the same period, trading revenue amounted to EUR 45 million (up 18%),
amid an 8% increase in volumes.
Next publication and event:
Ordinary General Meeting on June 11, 2020 (behind closed doors)
Interim earnings on September 17, 2020 (after the market close)
Press contact Analyst contact
PUBLICIS CONSULTANTS - Aurélie RUBIS - Financial
Gabrieli Division
Tel. +(33) 1 44 82 48 33 Tel: +(33) 1 44 17 95 95
Regulatory filing PDF file
Document title: RUBIS: A good start to the year - Fuel retail volumes up 25%
- Strong demand for fuel product storage at the end of Q1
Document: https://eqs-cockpit.com/c/fncls.ssp?u=VTDRTUILQB [1]
Language: English
Company: RUBIS
46, rue Boissière
75116 Paris
France
Phone: +33 144 17 95 51
Fax: +33 145 01 72 49
E-mail: communication@rubis.fr
Internet: www.rubis.fr
ISIN: FR0013269123
Euronext Ticker: RUI
AMF Category: Inside information / News release on accounts, results
EQS News ID: 1037375
End of Announcement EQS News Service
1037375 06-May-2020 CET/CEST
1: https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=c223f489b370a3843c68e036aef460df&application_id=1037375&site_id=vwd&application_name=news
(END) Dow Jones Newswires
May 06, 2020 11:35 ET (15:35 GMT)
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